Sumitomo Mitsui Financial Group in Tokyo plans to introduce a digital bank through its U.S. subsidiary.
SMFG said in a press release Wednesday that Jenius Bank will operate as a new division of its $4.3 billion-asset Manufacturers Bank in Los Angeles.
Jenius will launch in “coming months,” initially offering personal loans before adding savings and checking products.
“We have the rare opportunity to build exceptional products from scratch that uniquely meet the needs of today’s digitally-native consumers who need and expect more,” Kazuhisa Miyagawa, Manufacturers Bank’s chairman and CEO, said in the release.
John Rosenfeld will serve as the digital bank’s president. He was the founder and president of Citizens Access, an online direct bank of Citizens Financial Group in Providence, R.I.